Disappointing data from China -- which showed a contracting manufacturing sector and softer services activity -- triggered a risk-off mood across markets.
U.S. stock futures were lower Wednesday after data signaling a slowing Chinese economy sparked risk-off trading across markets.
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA fell 51 points, or 0.15%, to 33043, the S&P 500 SPX increased 0 points, or 0%, to 4206, and the Nasdaq Composite COMP gained 42 points, or 0.32%, to 13017. Fears of softer-than-expected demand from the world’s second biggest economy sparked selling in U.S. stock index futures, price declines for industrial commodities like copper HG00 and oil CL.1 , and falls in government bond yields as investors sought perceived safety plays. The dollar index DXY rose 0.6%.
Adding to the caution is a House of Representative’s vote on the U.S. debt ceiling deal expected later Wednesday. Analysts reckon the Fiscal Responsibility Act will be passed, but are wary of hiccups. For example, Nvidia’s NVDA 14-day relative strength index, a gauge of share price momentum where a figure over 70 is considered in overbought territory, closed Tuesday at 85.
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